 |
 |
|
|
|
|
|
|
|
| | | |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1
.
MEMORANDUM OPINION
|
EXTRACTED KEY WORDS
PAX SHAREHOLDERS PAXSON DEFENDANTS COURT NBC STOCK DELAWARE DEL CHANCERY YORK TRANSACTIONS SHARES CHANCELLOR CONTROL AGREEMENT DIRECTORS SHAREHOLDERS LITIGATION MEMORANDUM OPINION COMMUNICATIONS STOCKHOLDER DIRECT CLAIM INDIVIDUAL DEFENDANTS ALLEGATION LERACH LLP VOTING POWER CONTROLLING COMPLAINT MILBERG WEISS BERSHAD |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
)
IN RE PAXSON COMMUNI- > CONSOLIDATED CIVIL
CATION CORPORATION > ACTION NO. 17568
SHAREHOLDERS LITIGATION )
MEMORANDUM OPINION
Date Submitted: April 25, 200l
Date Decided: July 10, 2001
Joseph A. Rosenthal, Jr., of ROSENTHAL, MONHAIT, GROSS &
GODDESS, P.A., Wilmington, Delaware; OF COUNSEL: Kenneth J.
Vianale and Robert R. Adler, of MILBERG WEISS BERSHAD HYNES &
LERACH LLP, Boca -Raton, Florida; MILBERG WEISS BERSHAD
HYNES & LERACH LLP, New York, New York; STULL, STULL &
BRODY, New York, New York; LAW OFFICES OF CURTIS V. TRINKO,
LLP, New York, New York; WEISS & YOURMAN, New York, New York;
Attorneys for Plaintiffs.
Kenneth J. Nachbar and James G. McMillan, III, of MORRIS, NICHOLS,
ARSHT & TUNNELL, Wilmington, Delaware; OF COUNSEL: Tracy
Nichols, of HOLLAND & KNIGHT LLP, Miami, Florida; Attorneys for
Defendants.
CHANDLER, Chancellor
This action arises out of the alleged rejection of a cash offer for
Paxson Communications Corporation ("Pax" or the "Company") from Fox
Network ("Fox") and the later acceptance by Pax of a series of agreements
(the "NBC Transactions") with the National Broadcasting Company, Inc.
("NBC"). The plaintiffs allege that Fox made an all cash offer of $20 per
SNIPPETS:
|
|
2
.
REPLY BRIEF IN SUPPORT OF DEFENDANTS MOTION TO DISMISS
|
EXTRACTED KEY WORDS
DIRECTORS DEMAND CONTROL PLAINTIFFS ALLEGE PAXSON COURT VOTING POWER ALLEGATIONS REVLON FACTS NBC DEFENDANTS TRANSACTION SHARES DEL SHAREHOLDER STOCKHOLDER MERCANTILE STORES CONCLUSORY ALLEGATIONS GREENWALD CONTROLLING STOCKHOLDER CITATIONS PLAINTIFFS ARGUE COMPLAINT MAJORITY SHAREHOLDER ENTRENCHMENT INVESTMENT THIRD PARTY DATANOINT CORN |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE PAXSON COMMUNICATIONS C O N S O L I D A T E D ::-' `-.
CORPORATION SHAREHOLDERS C.A.No. 17568-NC ,' :
LITIGATION
(L ,
I
REPLY BRIEF IN SUPPORT OF
DEFENDANTS' MOTION TO DISMISS
MORRIS, NICHOLS, ARSHT & TUNNELL
Kenneth J. Nachbar
James G. McMillan, III
1201 N. Market Street
P.O. Box 1347
Wilmington, DE 19899-1347
(302) 658-9200
Attorneys for Defendants
OF COUNSEL:
HOLLAND & KNIGHT LLP
Tracy Nichols
70 1 Brickell Avenue
P. 0. Box 015441
Miami, FL 33101
(305) 374-8500
March 15, 2001
1.
TABLE OF CONTIm
SNIPPETS:
|
|
3
.
PLAINTIFFS ANSWERING BRIEF IN OPPOSITION TO DEFENDANTS MOTION TO DISMISS
|
EXTRACTED KEY WORDS
SHAREHOLDERS PLAINTIFFS DEL PAXSON YORK COURT FACTS NBC STOCK MOTION INDIVIDUAL DEFENDANTS DELAWARE SUPR LOWELL PAXSON SHAREHOLDERS LITIGATION DISMISS COMPLAINT MILBERG WEISS BERSHAD NBC TRANSACTION LERACH LLP PENNSYLVANIA PLAZA STULL LAW OFFICES DERIVATIVE CLAIM AGREEMENT PRE-SUIT DEMAND DIRECTORS VOTING POWER COMMON STOCK |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
-
IN RE PAXSON COMMUNICATIONS ; CONSOLIDATED CLASS ACTION
CORPORATION SHAREHOLDERS LITIGATION ) CASE NO. 17568-NC
PLAINTIFFS' ANSWERING BRIEF IN OPPOSITION
TO DEFENDANTS' MOTION TO DISMISS
ROSENTHAL, MONHAIT, GROSS &
GODDESS, P.A.
Suite 140 1, Mellon Bank Center
919 N. Market Street
P.O. Box 1070
(302) 656-4433
OF COUNSEL: DELAWARE LIAISON COUNSEL FOR
PLAINTIFFS
MILBERG WEISS BERSHAD
HYNES & LERACH LLP
The Plaza, Suite 900
5355 Town Center Road
Boca Raton, FL 33486
One Pennsylvania Plaza
New York, NY 10119
STULL, STULL & BRODY
6 East 45th Street
New York, New York 10017
LAW OFFICES OF CURTIS V. TRINKO, LLP
16 West 40th Street
7th Floor
New York, New York 10036
WEISS & YOURMAN
55 1 5th Avenue
Suite 1600
New York, NY 10 176
Dated: September 22, 2000
SNIPPETS:
|
|
4
.
OPENING BRIEF IN SUPPORT OF DEFENDANTS MOTION TO DISMISS
|
EXTRACTED KEY WORDS
NBC TRANSACTION ALLEGATIONS DEFENDANTS ALLEGE COMPLAINT PAXSON SHAREHOLDERS EXERCISE INJURY COURT FAILS ARONSON STOCKHOLDERS DELAWARE BUSINESS JUDGMENT COMMON STOCK SECOND PRONG CONCLUSORY ALLEGATIONS INJURY DISTINCT VALID EXERCISE SUBSTANTIAL PREMIUM KNIGHT LLP DOMINATION PARTICULARITY ENTRENCHMENT INVESTMENT AGREEMENT SPECIAL INJURY DEMAND FUTILITY FIDUCIARY DUTIES |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE PAXSON COMMUNICATIONS : CONSOLIDATED
CORPORATION SHAREHOLDERS : C. A. NO. 17568-NC
LITIGATION
OPENING BRIEF IN SUPPORT OF
DEFENDANTS' MOTION TO DISMISS
`-
*`.,
:- .
MORRIS, NICHOLS, ARSHT & TUNNELL
Kenneth J. Nachbar
1201 N. Market Street
P.O. Box 1347
Wilmington, DE 19899-1347
(302) 658-9200
Attorneys for Defendants
OF COUNSEL:
Holland & Knight LLP
Tracy Nichols
701 Brickell Avenue
P. 0. Box 015441
Miami, FL 33101
(302) 3748500
May 2,200O
i.
TABLE OF CONTENTS
SNIPPETS:
|
|
5
.
CLASS ACTION AND DERIVATIVE COMPLAINT
|
EXTRACTED KEY WORDS
DEFENDANTS SHAREHOLDERS PLAINTIFF LOWELL PUBLIC SHAREHOLDERS DIRECTORS COMMON STOCK NBC AGREEMENT SHARES PRICE OFFICERS EXPENSE EXERCISE PRICE FIDUCIARY DUTIES PAXSON COMMUNICATIONS CORPORATION SUBSTANTIAL PREMIUM INVESTMENT AGREEMENT STOCKHOLDERS JAMES GREENWALD DERIVATIVE COMPLAINT PARAGRAPH DEFENDANT PAXSON COMMUNICATIONS ENJOIN WRONGFUL ACTIONS PREFERRED STOCK INJUNCTIVE RELIEF ACQUISITION BUSINESS JUDGMENT |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
JOE DRESDNER,
Plaintiff,
Civil Action No. i7% 2 h'(--
V.
LOWELL W. PAXSON, JEFFREY
SAGANSKY, JAMES B. BOCOCK,
BRUCE L. BURNHAM, JAMES L.
GREENWALD and WILLIAM E.
SIMON, JR.
Defendants,
-and- " .`
PAXSON COMMUNICATIONS c '
., ;
CORPORATION,
Nominal Defendant. :
------------------------------------------------------x
CLASS ACTION AND DERIVATIVE COMPLAINT
Plaintiff alleges upon information and belief, except for paragraph 4 hereof,
which is alleged upon personal knowledge, as follows:
SUMMARY OF ACTION
1. Plaintiff brings this as a class action on behalf of himself and all other
shareholders of defendant Paxson Communications Corporation ("Paxson" or the "Company")
who are similarly situated, and as a derivative action on behalf of Paxson, against the
directors and/or senior officers of Paxson to enjoin wrongful actions by the Individual
Defendants (defined herein) which are intended to benefit defendant Lowell W. Paxson and
Paxson Communication's other insiders at the expense of the Company's public shareholders,
SNIPPETS:
|
|
|
| | | |
|
|
